BUFP vs PBFR: Grades, Fees and Holdings Compared

PGIM Laddered S&P 500 Buffer 12 ETF

BUFPBCboe

PGIM Laddered S&P 500 Buffer 20 ETF

PBFRBCboe

Overlap

0.0%by weight

Expense ratio

BUFP0.50%PBFR0.50%

Avg volume · 30D

BUFP 1.5×the volume

BUFP72.1KPBFR48.7K

BUFP vs PBFR Performance

Oct 31, 2025 – Oct 30, 2026

+10.7%BUFP+8.4%PBFR

Expense ratio: BUFP 0.50%; PBFR 0.50%
Fund size: BUFP $338M; PBFR $244M
1Y total return: BUFP +10.7%, better; PBFR +8.4%
Yield (12M): BUFP 0.01%; PBFR 0.01%
Holdings: BUFP 15; PBFR 14
Avg volume (30D): BUFP 72.1K sh, better; PBFR 48.7K sh
NAV per share: BUFP $33.11; PBFR $31.47
52W range

ETF.net Grade

Pillar letters and Scores for BUFP, PBFR, with each pillar’s weight
Pillar	BUFP	PBFR
Cost30% weight	A85	A85
Mission25% weight	Not scored	Not scored
Risk15% weight	B61	B69Higher
Tradability15% weight	C48Higher	C41
Holdings10% weight	A71	A71
Durability5% weight	C53	C53

Rank among S&P 500 Laddered Buffer funds

How we build Categories ›

Same Category. BUFP and PBFR are both graded against the same 18 S&P 500 Laddered Buffer funds, so their Grades compare head to head.

S&P 500 Laddered Buffer⁠

Category · 18 funds

See all 18 ›

BUFP ranks 1st and PBFR 2nd of 18 funds in the S&P 500 Laddered Buffer Category.

Rank 1BBUFPPGIM Laddered S&P 500 Buffer 12 ETFScore 69
Rank 2BPBFRPGIM Laddered S&P 500 Buffer 20 ETFScore 68
Rank 3BALDBAptus Laddered Deep Buffer ETFScore 65

Our read on each fund

ETF.net Research

BUFPBPGIM Laddered S&P 500 Buffer 12 ETF

PBFRBPGIM Laddered S&P 500 Buffer 20 ETF

In short

BUFP Most buffer funds make you pick a start month and live with it. BUFP skips the choice: it owns twelve PGIM S&P 500 Buffer 12 ETFs, one per calendar month, so part of the ladder resets on a rolling basis.

PBFR Most buffer ETFs make you pick a start month. PBFR skips that: one ticker holding twelve monthly vintages of PGIM's 20% S&P 500 buffer funds, so caps and buffers are staggered across the calendar.

Stated mandate

BUFP The Fund seeks capital appreciation through U.S. large-cap equity exposure obtained via a laddered portfolio of twelve PGIM US Large-Cap Buffer 12 ETFs. The underlying ETFs seek limited downside protection and capped upside over a specified period, while the Fund itself has no stated buffer.

PBFR The Fund seeks capital appreciation through U.S. large-cap equity exposure obtained through a laddered portfolio of twelve PGIM S&P 500 Buffer 20 ETFs, each intended to limit downside risk.

Why people hold it

BUFP Twelve underlying buffer ETFs, one for each month, spread the entry point instead of locking everything to a single outcome period and a single cap.pgim.com
Each underlying ETF targets a buffer against the first 12% (before fees) of SPY's price-return losses over a one-year period, paired with an upside cap.pgim.com
A 0.50% fee sits well under the 0.79% typical of buffer peers, and the package ranks among the stronger implementations in that group.

PBFR At 0.50%, it prices below the typical 20%-buffer fund in its group, and ranks among the stronger implementations in that group.
One ticker does the ladder work: twelve underlying PGIM Buffer 20 ETFs, rebalanced back to equal weight (8 1/3% each) quarterly as caps reset.pgim.com
Each underlying fund aims to absorb the first 20% of SPY's price decline over a one-year outcome period, in exchange for an upside cap.pgim.com
Launched in 2024 and stocked entirely with PGIM's own monthly Buffer 20 funds, so one manager runs the whole chain.pgim.com

Worth knowing

BUFP The wrapper itself has no stated buffer. PGIM notes it likely won't get the full benefit of the underlying buffers, and their caps limit its upside.pgim.com
Small and thinly traded, so spreads can run wider than at the category's giants. Matters most on larger orders.
Live since 2024, so the record is short. PSFF, the other fund-of-buffer-ETFs in the group, carries a lower fee.

PBFR You hold a blend, not one vintage, so no single stated buffer or cap applies to your position at any given moment.pgim.com
The 20% buffer is measured before fees and expenses and covers only the first 20% of SPY's drop; deeper declines come through.pgim.com
A fund of funds in a niche corner: the underlying ETFs' fees flow through pro rata, and it trades less actively than the category's biggest names.pgim.com

Full BUFP profile⁠

Full PBFR profile⁠

BUFP vs PBFR Holdings

How BUFP and PBFR differ

Overlap by weight

0.0%

Shared holdings make up 0.1% of PBFR and 0.0% of BUFP.

Level by level

Holdings1 in both0.0%
Asset classAlternatives100%
Countryby domicile100%
Sector11 Sectors100%

Sector

Sector weights in BUFP and PBFR, widest gap first
Sector	More in BUFPMore in PBFR	BUFP	PBFR
Technology	Same weight	40.1%	40.1%
Financials	Same weight	11.3%	11.3%
Communication	Same weight	9.9%	9.9%
Health Care	Same weight	9.4%	9.4%
Consumer Discretionary	Same weight	8.7%	8.7%
Industrials	Same weight	7.6%	7.6%
Consumer Staples	Same weight	4.4%	4.4%
Energy	Same weight	3.4%	3.4%
Utilities	Same weight	1.9%	1.9%
Real Estate	Same weight	1.7%	1.7%
Materials	Same weight	1.6%	1.6%

Country, concentration and asset class

Country by domicile

Country weights in BUFP and PBFR, widest gap first
Country	More in BUFPMore in PBFR	BUFP	PBFR
United States	Same weight	100.0%	100.0%

Concentration

Weight in the 10 largest Holdings

BUFP83.3%
PBFR83.3%

Securities held

BUFP13
PBFR13

Asset class

BUFP: Alternatives
PBFR: Alternatives

Holdings

Only in BUFP12
In both1
Only in PBFR12

Only in BUFP

12 securities, 100% of BUFP by weight

Pgim S&P 500 Buffer 12 Etf - February8.39%
Pgim S&P 500 Buffer 12 Etf - July8.34%
Pgim S&P 500 Buffer 12 Etf - November8.33%
Pgim S&P 500 Buffer 12 Etf - April8.33%
Pgim S&P 500 Buffer 12 Etf - March8.33%
Pgim S&P 500 Buffer 12 Etf - December8.33%
Pgim S&P 500 Buffer 12 Etf - August8.33%
Pgim S&P 500 Buffer 12 Etf - January8.32%
Pgim S&P 500 Buffer 12 Etf - May8.32%
Pgim S&P 500 Buffer 12 Etf - September8.32%
Pgim S&P 500 Buffer 12 Etf - October8.32%
Pgim S&P 500 Buffer 12 Etf - June8.32%

Only in PBFR

12 securities, 100% of PBFR by weight

Pgim S&P 500 Buffer 20 Etf - July8.35%
Pgim S&P 500 Buffer 20 Etf - November8.34%
Pgim S&P 500 Buffer 20 Etf - January8.33%
Pgim S&P 500 Buffer 20 Etf - February8.33%
Pgim S&P 500 Buffer 20 Etf - September8.33%
Pgim S&P 500 Buffer 20 Etf - December8.33%
Pgim S&P 500 Buffer 20 Etf - October8.33%
Pgim S&P 500 Buffer 20 Etf - August8.33%
Pgim S&P 500 Buffer 20 Etf - June8.33%
Pgim S&P 500 Buffer 20 Etf - April8.33%
Pgim S&P 500 Buffer 20 Etf - May8.32%
Pgim S&P 500 Buffer 20 Etf - March8.32%

Weight gaps

All 1 Holdings in both funds, largest gap first.

Holding weights in BUFP and PBFR, widest gap first
Holding	More in BUFPMore in PBFR	BUFP	PBFR
Net Current Assets	Same weight	0.00%	0.00%

All BUFP holdings⁠All PBFR holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

BUFP vs PBFR Cost

Same expense ratio

$9,979

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

BUFP 0.50%
$9,979
PBFR 0.50%
$9,979

Amount$10,000

Years30 years

Cost over time

BUFP 0.50%
PBFR 0.50%

Year by year

Year	BUFP	PBFR
10	$900	$900
20	$3,460	$3,460
30	$9,979	$9,979

Expense ratio

0.50%BUFP
0.50%PBFR

BUFP0.50%PBFR0.50%

0.30%1.21%

Middle half of S&P 500 Laddered Buffer funds
Median 0.89%

BUFP 2nd cheapest of 18 funds

PBFR 2nd cheapest of 18 funds

BUFP vs PBFR Dividends

Last 12 months to Oct 30, 2026

Yield (12M): BUFP 0.01%; PBFR 0.01%
Payout (12M): BUFP $0.0024; PBFR $0.0025
Last payment: BUFP $0.0024; PBFR $0.0025
Ex-dividend: BUFP Dec 30, 2025; PBFR Dec 30, 2025
Paid on: BUFP Jan 2, 2026; PBFR Jan 2, 2026
Frequency: BUFP Irregular; PBFR Irregular

Distribution history

Per share, 2024 to 2026, same scale for both

BUFPIrregular · 2 paymentsAll BUFP payments⁠

PBFRIrregular · 2 paymentsAll PBFR payments⁠

BUFP vs PBFR Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: BUFP 6.0%since Jul 2024PBFR 4.2%since Jul 2024
Return per unit of riskSharpe ratio, 3 years: BUFP 1.21since Jul 2024PBFR 1.22since Jul 2024
Worst fallMax drawdown, 5 years: BUFP −12.0%since Jun 2024PBFR −8.5%since Jun 2024
Market sensitivityBeta, 5 years: BUFP 0.50PBFR 0.34; Market = 1

Popular comparisons

BUFPBvsALDBB
PGIM Laddered S&P 500 Buffer 12 ETF · Aptus Laddered Deep Buffer ETF
Expense ratio
0.50% · 0.30%
Category
PBFRBvsALDBB
PGIM Laddered S&P 500 Buffer 20 ETF · Aptus Laddered Deep Buffer ETF
Expense ratio
0.50% · 0.30%
Category
BUFPBvsIVVMB
PGIM Laddered S&P 500 Buffer 12 ETF · iShares Large Cap Moderate Quarterly Laddered ETF
Expense ratio
0.50% · 0.50%
Category
PBFRBvsIVVMB
PGIM Laddered S&P 500 Buffer 20 ETF · iShares Large Cap Moderate Quarterly Laddered ETF
Expense ratio
0.50% · 0.50%
Category
BUFPBvsBUFFB
PGIM Laddered S&P 500 Buffer 12 ETF · Innovator Laddered Allocation Power Buffer ETF
Expense ratio
0.50% · 0.89%
Category
PBFRBvsBUFFB
PGIM Laddered S&P 500 Buffer 20 ETF · Innovator Laddered Allocation Power Buffer ETF
Expense ratio
0.50% · 0.89%
Category